Support The Moscow Times!

Magnit Sales Up 27%

Food retailer Magnit said Monday its sales rose by 26.7 percent in October, year-on-year, to 48.6 billion rubles ($1.49 billion) after a rise of 28 percent in the previous month.

Magnit, which this year overtook rival X5 as Russia's No. 1 grocery chain by revenue, said the October result brought sales for the first 10 months of the year to 466 billion rubles, up 30 percent on last year.

The company opened 93 stores last month, bringing its total to 7,739. Fast expansion will help it grow revenues by 28 to 29 percent this year, while next year's growth is likely to slow to 25 to 27 percent, the company had said.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more